Since 2008, the Medicare conversion factor, which helps determine how much you get paid by Medicare and guides rates for many other payers, has dropped by 14%. At the same time, inflation increased by 43%.
It’s no wonder that countless practices are fighting just to make enough money to pay their employees.
But make planning a priority, you can increase your profitability so you never have to worry about making payroll or providing for your family.
All of the successful practice owners I know create an annual profitability plan.
I believe that if you can’t make a clear plan for your practice, you’re never going to be able to make it happen in real life.
The alternative is to rely on what the insurance providers or marketplace is going to tell you you’re worth. And I can promise you that’s not going to turn out well.
In this episode, I discuss my annual planning process and share the tool I’ve been using for 20 years to plan for profitability.
Recently, one practice owner I worked with, Verelle, told me that this exact template saved his clinic.
There is power in understanding your finances. This tool is worth its weight in gold…
Go here to steal my Profit Planner Template: https://hubs.la/Q02cTt100